UPDATE 3-Coca-Cola takes plunge into coffee with $5.1 bln Costa deal [Reuters (UK)]
Coca-Cola Company (The) (KO)
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Source: Reuters
Coca-Cola takes plunge into coffee with $5.1 billion Costa deal | Reuters 5 Min Read (Reuters) - Coca-Cola Co ( KO.N ) has agreed to buy coffee chain Costa for $5.1 billion including debt to extend its push into healthier drinks and take on the likes of Starbucks and Nestle in the booming global coffee market. The purchase from Britain’s Whitbread ( WTB.L ) of Costa’s almost 4,000 outlets thrusts the world’s biggest soda company into one of the few bright spots in the sluggish packaged food and drinks sector. Paying about 1 billion pounds ($1.3 billion) more than some analysts had expected, Coke will use its distribution network to supercharge Costa’s expansion as it chases current coffee chain market leader Starbucks ( SBUX.O ) and its almost 29,000 stores across 77 markets. Beyond coffee shops, Coca-Cola CEO James Quincey, himself a Briton who is familiar with the Costa brand, said Costa would provide an important growth platform ranging from beans to bottled drinks in what is
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